Why SoundHound Stock Is Sinking Today
Shares of SoundHound (NASDAQ: SOUN) are trading lower on Tuesday. The company's stock had lost 12.2% as of 11:30 a.m. ET, but had been down as much as 13.6% earlier in the day. This comes as the S&P 500 had slipped 1.8% and the Nasdaq Composite had lost 1.6%.The company, which develops artificial intelligence-powered voice solutions, delayed the filing of its annual report with the Securities and Exchange Commission (SEC), and this upset investors.The company said in an SEC filing today that it would not be able to meet the deadline to file the required report, citing increased complexity due to its acquisitions of two companies last year. This comes just a year after the company revealed it had identified "material weaknesses in its internal control over financial reporting." The company says these continue to exist.Continue reading
Shares of SoundHound (NASDAQ: SOUN) are trading lower on Tuesday. The company's stock had lost 12.2% as of 11:30 a.m. ET, but had been down as much as 13.6% earlier in the day. This comes as the S&P 500 had slipped 1.8% and the Nasdaq Composite had lost 1.6%.
The company, which develops artificial intelligence-powered voice solutions, delayed the filing of its annual report with the Securities and Exchange Commission (SEC), and this upset investors.
The company said in an SEC filing today that it would not be able to meet the deadline to file the required report, citing increased complexity due to its acquisitions of two companies last year. This comes just a year after the company revealed it had identified "material weaknesses in its internal control over financial reporting." The company says these continue to exist.
